Home sales continue at below average pace

Home sale activity has trended below historical averages for a full year in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,797 on the Multiple Listing Service® (MLS®) in February 2013. This represents a 29.4 per cent decrease compared to the 2,545 sales recorded in February 2012, and a 33 per cent increase compared to the 1,351 sales in January 2012.

Last month’s sales were the second lowest February total in the region since 2001 and 30.9 per cent below the 10-year sales average for the month.

“Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.

The sales-to-active-listings ratio currently sits at 12.2 per cent in Greater Vancouver, a two per cent increase from last month. This is the first time this ratio has been above 11 per cent since June 2012.

“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” Klein said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,833 in February. This represents a 13 per cent decline compared to the 5,552 new listings reported in February 2012 and a 5.8 per cent decline from the 5,128 new listings in January. Last month’s new listing count was 4 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 14,789, a 5.2 per cent increase compared to February 2012 and an 11.6 per cent increase compared to January 2013.

Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.6 per cent to $590,400. This represents a 3.3 per cent decline compared to this time last year.

Sales of detached properties in February 2013 reached 704, a decrease of 36.1 per cent from the 1,101 detached sales recorded in February 2012, and a 49.8 per cent decrease from the 1,402 units sold in February 2011. The benchmark price for detached properties decreased 4.5 per cent from February 2012 to $901,500. Since reaching a peak in May 2012, the benchmark price of a detached property has declined 6.8 per cent.

Sales of apartment properties reached 760 in February 2013, a decline of 25.5 per cent compared to the 1,020 sales in February 2012, and a decrease of 37 per cent compared to the 1,206 sales in February 2011. The benchmark price of an apartment property decreased 3 per cent from February 2012 to $360,400. Since reaching a peak in May 2012, the benchmark price of an apartment property has declined 5.1 per cent.

Attached property sales in February 2013 totalled 333, a decline of 21.5 per cent compared to the 424 sales in February 2012, and a 31.9 per cent decrease from the 489 attached properties sold in February 2011. The benchmark price of an attached unit decreased 0.7 per cent between February 2012 and 2013 to $455,500. Since reaching a peak in April 2012, the benchmark price of an attached property has declined 6.5 per cent.

Side by side legal duplex with RT-2 zoning in popular Main Street area, close to transportation, schools and shopping. Property has had recent updates on both sides and shows well. A great investment property where you will have no troublefinding tenants in this desirable area. If being a landlord is not your thing, build your dream home on this great corner lot or live on one side and rent the other. There are many options here! On each side, you will find 2 good size bedrooms, bathroom and unfinished area in 7' high unfinished basement which has potential for additional rooms. Easy to show, don't hesitate.

This gem is the first time on the market since 1975. Don't be fooled by the address as this is the quiet side of Nanaimo Street. Lovingly maintained 3 bedroom family home on a beautiful level street in popular Killarney. Originally a 2bedroom bungalow, this property was extended to include a private, large master bedroom upstairs and a spacious 19'7 x 11'10 family room. Low maintenance backyard with a driveway that can fit 2 cars, tandem style plus a private one car garage. Great area to raise a family as both elementary and secondary schools are walking distance, not to mention shops and amenities. Easy to show. Open house SATURDAY & SUNDAY, MARCH 9-10TH 2-4pm. Everyone welcome.

Charming modern style post and beam home situated on a fantastic 50 x 131.1 lot with partial water views to the south in Dunbar Heights . Excellent location, walk along the tree lined street to shopping, library, restaurants and cafes.Quiet split level with vaulted ceilings, oversized windows, a sunny south exposed kitchen and an open living and dining area with hardwood floors. Upstairs you will find 3 bedrooms and 2 bathrooms and downstairs has a 1 bedroom garden level suite with access to a fully fenced south facing yard . Excellent family oriented neighborhood. Incredible layout, check out the floorplan.Catchments: Kitchener elementary and Lord Byng Secondary.

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Beautiful bright home situated on a fabulous 61 x 101.5 corner lot. Great location, walk to shopping, restaurants and cafes. This distinctive home features 1 bedroom + den on the main and 2 bedrooms up, Gorgeous hardwood floors in the living and dining room and a sunny south facing patio over looking the backyard. Downstairs you will find a full height 1 or 2 bedroom garden level suite . Outdoor features a beautiful english garden and landscaping as well as a 1 car garage that is presently being used as an art studio. Catchments: Kerrisdale Elementary and Point Grey Secondary.

Side by side legal duplex with RT-2 zoning in popular Main Street area, close to transportation, schools and shopping. Property has had recent updates on both sides and shows well. A great investment property where you will have no troublefinding tenants in this desirable area. If being a landlord is not your thing, build your dream home on this great corner lot or live on one side and rent the other. There are many options here! On each side, you will find 2 good size bedrooms, bathroom and unfinished area in 7' high unfinished basement which has potential for additional rooms. Easy to show, don't hesitate.

Side by side legal duplex with RT-2 zoning in popular Main Street area, close to transportation, schools and shopping. Property has had recent updates on both sides and shows well. A great investment property where you will have no troublefinding tenants in this desirable area. If being a landlord is not your thing, build your dream home on this great corner lot or live on one side and rent the other. There are many options here! On each side, you will find 2 good size bedrooms, bathroom and unfinished area in 7' high unfinished basement which has potential for additional rooms. Easy to show, don't hesitate.